Friday 6 November 2026 Export PLD’s income statement to Excel — free account

Prologis, Inc.

Prologis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.8 billion, up 7.18% from fiscal 2024.

Revenue: +7.84%
EPS: +4.88%
Free cash flow: −37.9%
Total debt: +4.33%

Quarter to September 2026, against a year earlier

128.35 0.20 −0.16%

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Market cap: $124.6B
P/E: 28.3×
Fwd P/E: 34.1×
Dividend yield: 3.28%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Prologis, Inc. (PLD) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Real Estate Operations	8,198	93.26%
Strategic Capital	592	6.74%
Gross margin		74.58%
Operating margin		49.58%
Pre-tax margin		42.88%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Real Estate Operations	8,198 93.26%	7,530 91.81%	6,823 85.04%	4,934 82.60%	4,169 87.59%	3,802 85.65%	2,839 85.23%	2,398 85.51%	2,244 85.72%	2,230 88.02%
Strategic Capital	592 6.74%	672 8.19%	1,200 14.96%	1,040 17.40%	591 12.41%	637 14.35%	492 14.77%	406 14.49%	374 14.28%	304 11.98%
Revenue	8,790	8,202	8,023	5,974	4,759	4,439	3,331	2,804	2,618	2,533

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Real Estate Operations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Strategic Capital	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Buildings	Q3 FY2026	5.9K	5.9K	+0.92%
Customer Retention	Q4 FY2025	50.1%	68.7%	—
Customers	Q3 FY2026	6.5K	6.5K	0.00%
Gestation	Q3 FY2026	50.00	—	—
Leased % at Start	Q3 FY2026	15.0%	75.6%	—
Lease Proposals	Q3 FY2026	134.0M	115.0M	+16.52%
NOI - cash - Prologis Share	Q3 FY2026	5.90%	5.20%	—
NOI - net effective - Prologis Share	Q3 FY2026	5.70%	3.90%	—
Occupancy – Owned and Managed	Q3 FY2026	95.4%	94.7%	—
Proposals as a % of available net rentable area	Q3 FY2026	40.0%	42.0%	—
Rent Change – Prologis Share	Q3 FY2026	38.0%	49.4%	—
Sq Ft Leased %	Q3 FY2026	41.0%	51.0%	—
Square Feet	Q3 FY2026	1.3B	1.3B	0.00%
Total Development Portfolio	Q3 FY2026	35.4M	26.4M	+34.02%
Total Development Stabilizations	Q3 FY2026	2.0M	4.0M	−50.22%
Total Development Starts	Q3 FY2026	7.7M	3.0M	+154.49%
Total Square Feet of Leases Commenced	Q3 FY2026	55.9M	65.6M	−14.77%
U.S. IBI activity index	Q3 FY2026	59.10	—	—
U.S. space utilization	Q3 FY2026	84.0%	—	—
Weighted average term of leases started	Q3 FY2026	58.00	59.00	−1.69%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Buildings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Customer Retention	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Customers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gestation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Leased % at Start	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lease Proposals	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NOI - cash - Prologis Share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NOI - net effective - Prologis Share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Occupancy – Owned and Managed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Proposals as a % of available net rentable area	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rent Change – Prologis Share	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sq Ft Leased %	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Square Feet	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Development Portfolio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Development Stabilizations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Development Starts	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Square Feet of Leases Commenced	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. IBI activity index	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. space utilization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Weighted average term of leases started	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.